$85 billion in automatic across-the-board domestic and defense cuts are set to take effect today. President Obama met with congressional leaders this morning in a last-ditch attempt to resolve the Sequester. Watch this video for more details on today’s meeting.
In the days leading up to today’s deadline, there were few signs that either party had much progress on how to cut the federal debt that is now more than $16.5 trillion. The two sides remain deadlocked over the issue of raising taxes. Republicans want to replace the current cuts with other “more sensible” cuts. Democrats want to blend in a set of tax increases, closing loopholes for top earners and corporations.
The White House has come to acknowledge that the impact of the cuts will not be felt immediately. The billions of dollars in budget cuts are most likely going to phase in over the next few months. “The impact of this policy won’t be felt overnight but it will be real,” President Obama said. “The longer these cuts are in place, the greater the damage.” The predicted impact of the spending cuts could come in flight delays, limited hours at national parks, longer wait times at border crossings and furloughs of civilian Pentagon employees – and workers at several other agencies (Furloughs of some Federal employees are set to take place several weeks from now.)
Read how the sequestration will affect seniors and veterans.
The Sequestration cuts will be devastating to many as they occur. We here at The Fairfax Elder Law Firm of Evan H. Farr, P.C. were relieved to hear that Veteran’s Pension Programs and Medicaid are seen as mandatory items and will not be affected in these cuts. As always, we urge you to plan ahead for your future and for your loved ones. Call us today at 703-691-1888 to set up a free consultation.
P.S. Don’t let the impact of the Sequestration stop you from planning for you and your family. For the month of March 2013, mention this posting and save 20% of elder law and estate planning at The Farr Law Firm.
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